Lobo Co$.$ is evaluating its recent performance by comparing current results to the budget. They request your assistance in calculating both direct material and labor variances,

providing you with standard and actual cost data.

Here is the standard cost information:

Actual cost information is below:

PART #$1$: Direct Material Variances

Calculate the Materials Price, Quantity, and Spending Variance.

Remember, with variances we don't care about the sign of the number $-$ we care about the interpretation of the variance. Use the ABS function to calculate the absolute value of

variance amounts in the green cells and use an IF function in the orange cells to determine the favorability $("$U$"$ or $"$F$")$ of the variances $.$ Remember to cell reference everything!

PART #$2$: Direet Labor Variances

Calculate the Direct Labor Rate, Efficiency, and Spending Variance.

Use the ABS function to calculate the absolute value of variance amounts in the green cells and use an If function in the orange cells to determine the favorability $("$U$"$ or $"$F$")$

of the variances $.$ Remember to cell reference everything!